Ripple Released a Mobile App For Instant Payments In Japan

Back in December 2017, Japan started testing a consortium of payment cards industries, for including blockchain technology.

Today, after three months, they finally announced the smartphone payment application, “MoneyTap“, which is going to be benefitting from Ripple’s blockchain technology.

MoneyTap is going to be the first app ever which is going to offer something like instant payments while using blockchain technology and being used by so many different banks in Japan at one time.

For using MoneyTap, all you need is a bank account and a phone number or a QR code.

The of SBI Ripple Asia, Takashi Okita, said:

„We are proud to leverage Ripple´s blockchain technology through our new mobile app, MoneyTap, to improve the payment infrastructure in Japan…, together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our costumer“

The goal of the app is it to provide every customer of the bank consortium with the access for instant payment at every time, every day of the week.

Usually, domestic payments are limited to weekdays between 8:30 am and 3:30 pm in Japan.

It is also going to lower all of the current costs for domestic money transfer drastically.

MoneyTap is going to be released in autumn of 2018, three of the banks’ consortium members in Japan are Suruga Bank, Resona Bank and SBI Net Sumishin Bank.

The Japan bank consortium consists of 61 banks which are covering more than 80% of all the banking assets in Japan. As we can see the majority of Japan is going to be benefiting from MoneyTap.

Ripple Future Plans

Ripple has always set their main focus on offering solutions for cross-border payments of all kind.

At the moment there are more than 100 financial institutions which are benefiting from xCurrent and Ripple, and there are more to follow.

The blockchain technology has a lot more to offer than solving the domestic payment issues once you realise its potential.

For the future Ripple wants to make it possible that money is going to move as fast as information, which means immediately.

Ripple released a mobile app for instant payments within Japan as the first one worldwide and knowing Ripple; there will be more to follow.

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Michelle is a Marketing and Communication student from Berlin. As a part of her internship, Michelle had a chance to work BiteMyCoin, where she developed a huge interest in for the FinTech and Cryptocurrency world. She has decided to share her newbie point of view by writing articles and contributing to BiteMyCoin!

Our mission is to guide you through the complex process of understanding cryptocurrency and Distributed Ledger Technologies in the most practical way – leaving you with a clear understanding of the market and helping you to take the first steps.

Megan was born in Poland but from a young age always sought to expand her horizons to a more cosmopolitan way of life.
At 19 she moved to the hub of tech and culture where she studied at City University in London. Keen on understanding media platforms and social interaction Megan graduated with a degree in Media and Sociology.
Looking forward Megan began to invest both her time and money into new industries and one, in particular, got her attention: Blockchain.
Megan would absorb all that she could and back in 2010 the blockchain market was more of a pipe dream than the business tycoon that it has evolved to be today.
Her young mind began to wonder where she could further her Cryptocurrency ventures and a little island in the middle of the Mediterranean seemed like the perfect spot.
While London gave her the grit and business foundation she needed, Malta was the next chapter and a flourishing island to home Blockchain.
Megan found the perfect balance with advanced finance technologies and routinely studying the market in which it lives.
BiteMyCoin is the result of Megan’s cryptocurrency passion and with every post, update and new piece the aim is to bring the reader one step closer to our future.

Zak Borg

Co-Founder

Zak takes care of the business side of things. He leads the business development and international growth of the agency. After completing his Masters of Engineering in Software Engineering for Embedded systems from Fraunhofer IESE, he teamed up with his brother Benji to set the foundation for ANCHOVY. Zak has a passion for the sea, and if he’s not at the office he’s driving his passion for long distance swimming, sailing and windsurfing.

Benji Borg

Co-Founder

After completing his degree in advanced character animation in California, he identified, together with his brother Zak, a niche in Malta’s market for a data-driven digital marketing agency – and the rest is history. A serial entrepreneur by nature, when he’s not pushing the boundaries on innovation and setting up new start-ups, Benji loves reading, observing people and enjoying the simple things in life. He’s an avid windsurfer, who has sailed semi-professionally since the age of 13 – but there’s nothing he loves more than spending time with his family, friends and his girlfriend.

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